I wouldnt prematurely be calling for a bottom in the US housing market based on some flimsy bailout meausre that doesnt solve the underlying cause of the problem.
Look at what happenend to Japan's real estate in the 90's. Average US home prices are off maybe 20-30% from the highs, Japan's real estate bubble took off roughly 60-70% (if not more) from their highs and this took more than 10 years to stop falling.
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